Full text: Gitanjali Gems' compliance officer offers resignation, takes moral responsibility

After the name of Mehul Choksi, the owner of the Gitanjali Gems, features in the multi-crore rupees Punjab National Bank fraud, two of its key executives left the company. While company's CFO Chandrakant Karkare resigned on personal reasons its compliance officer and company secretary Pankhuri Warange has attributed her resignation to the ongoing fraud related investigation for her "conscious" decision.

Representational image. Reuters.

Her resignation states, "Being a key managerial personnel and the designated compliance officer, I have certain statutory duties and responsibilities towards the stakeholders. The recent event unfolded in the organisation requires the company to make disclosures under the Companies Act 2013 and the SEBI requirements 2015. I have advised the management on the required disclosures to be made. The absence of disclosures will have ramification not just on the company but also on the key managerial personnel."

Here is a full text of Pankhuri Warange' resignation letter:

Dear Sir,

It is with regret that I submit my resignation and relinquish the position of Company Secretary and Compliance Officer of Gitanjali Gems Ltd. (GGL). Being a key managerial personnel and the designated Compliance Officer and Company Secretary of the company I have certain statutory duties and responsibilities towards the stakeholders. The recent event unfolded in the organization requires the company to make disclosures under the Companies Act 2013 and the SEBl (Listing Obligation and Disclosure) Requirements, 2015. 1 have advised the management on the required disclosures to be made. The absence of disclosure will have ramification not just on the
company but also on the key managerial personnel.

There is however no consensus in my opinion on the disclosures to be made and that of the management and in these circumstances, my conscience doesn't permit me to
continue with my position. I have therefore taken a conscious decision of resigning and relinquishing my position as the Company Secretary and Compliance Officer of the
Company with immediate effect.

I request you to kindly accept my resignation with immediate effect and oblige. I will make myself available as and when needed to ensure smooth transition and handing
over of my role and responsibilities. It has been my privilege to be associated with GGL. I hope I have been able to justice to the role and responsibility assigned to me during my stint with GGL.

Sincerely,

Pankhuri Warange